News
ACKERMAN GETS A MOB TOUCHDOWN!
February 6, 2012
| It looks like it didn't take long for Ackerman & Co to make a MOB move. This time on the sales side. | ||
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| Ackerman has sold Camp Creek Medical Center III, a 30k SF MOB in South Fulton County, to Healthcare Trust of America for $8.9M, or a Starbucks venti mocha java frozen latte short of $300/SF. Camp Creek III was developed in 2010 by Ackerman Medical, a JV between the firm and a collection of physicians. It's a huge win given the property was leased up within 10 months with such tenants as Tenet South Fulton, Orthopaedics of Atlanta, and Georgia Cancer Specialists. Ackerman's Andrew Murphy and Spencer Coan brokered the sale. | ||
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| Speaking of Ackerman, we got to hear its president Kris Miller map out the firm's investment strategy for 2012 during its investor conference last week. It's mostly going to be about value-add. Kris says Ackerman will be hunting for distressed assets to buy in an effort to stabilize them and then flip them when they become core or just before they are. ?We want to buy from people who are being forced to transact in what is clearly one of the worst markets for non-core assets,? he says. In fact, Kris told the audience of more than 100 that core assets might be getting too pricey as capital chases those few stabilized deals. One recent example is a $7.5M note purchase for Eagles Landing, an 86k SF office building in Stockbridge it bought off Auction.com in December and now owns fee simple. Kris says the firm hopes to flip the property in the next 15 months. | ||
